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Saskatoon real estate week in review: October 20-26, 2013

On the heels of a week that saw Saskatoon real estate sales tumble to their lowest point since late February the local market rebounded and added an impressive 34 units to last week’s numbers. Local agents reported a total of 88 houses and condos having firmly sold to the Saskatoon multiple listing service® for an annual gain of 11 properties.


After showing some very strong weekly gains for almost three months straight new residential listingsremained at sharply lower levels for the second consecutive week. Saskatoon real estate agents added just 110 houses and condominiums to the MLS® system, two fewer than the previous week, but 11 more than were added during the same period of time last year.


The inventory of active MLS® listings in the residential category fell lower by nearly 30 homes when compared against the close of the previous week. As of this morning, there are 1376 residential listings, up about 18 percent from where they sat at this time last year when buyers had just 1168 homes to choose from. Today’s active listing searches show a total of 859 single-family homes (houses) and 415 condominiums. Last year at this time, those same searches produced just 702 houses and 377 condos.


Fewer trades at the upper end of the Saskatoon real estate market saw both the average price and the median price of a local home slip lower to $345,014 and $349,450 respectively. The six-week average priced trailed lower for the second week in a row losing nearly two thousand dollars to hit $351,922 producing an annual increase greater than twenty-five thousand dollars. The four week median price moved the other way and made some weekly gains, increasing by almost 5K to reach $349,900.  That’s a year-over-year increase of twenty-nine thousand dollars, the greatest annual increase since late May®.


Even as units sales increased sharply over the previous week, overbid sales fell lower to just two. Those buyers offered an average bonus of $3,550 above the seller’s asking price to close up their deal. Meanwhile, another seven agreed to pay the seller’s full asking price to get their dream home off of the market. The other 79 firm deals were concluded at the negotiation table with the buyer grinding out an average discount of $12,102.


Other notable MLS® activity this week included 52 cancelled and withdrawn listings, 10 expired listings and 53 price adjustments.


Highlights from the news this past week

There’s no shame in renting rather than owning - Globe and Mail
Why no rate hike means variable mortgages are safe again - Financial Post
Falling rates, BofC stand puts housing spotlight on Flaherty- Globe and Mail


Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.


I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.


Norm Fisher Royal LePage Saskatoon Real Estate

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With scroll enrolment numbers ballooning across Saskatchewan, the provincial government recently announced its intention to build nine new elementary schools each of which would bring a public and a separate elementary school together under one roof, sharing some parts of the facility. Four of those buildings will be constructed here in Saskatoon. Areas that will see new schools include Evergreen, Hampton Village, Rosewood and Stonebridge.


The schools will be constructed using a "public-private partnership model" (P3) where a private company, or companies, own the real estate and lease it to the respective school boards.


Today on our Facebookpage, we asked the question, "Do you have any thoughts or concerns regarding the P3 model, or do you think it's fine provided we end up with quality building that serve our students well at a fair cost?"


What do you think? Feel free to comment here or on the Facebook post embedded below.

 



Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.


I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.


Norm Fisher

Royal LePage Saskatoon Real Estate

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Today on our Facebookpage, we discuss a new "Communities in Boom" report, commissioned by the Financial Post, which names Saskatoon as one of Canada's top two entrepreneurial cities.
 

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.


I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.


Norm Fisher

Royal LePage Saskatoon Real Estate

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The Canadian Real Estate Association (CREA), released national sales statistics for the month of September, 2013 recently. According to the CREA, "Sales improved on a month-over-month basis in just over half of all local markets, with gains in Greater Vancouver and Greater Toronto offsetting declines in Calgary and Montreal. Actual (not seasonally adjusted) activity remained roughly on par with the 10-year average in September. The 18.2 per cent increase compared to year-ago levels reflects weakened activity at that time." Highlights of CREA's report    
  • National home sales edged up by 0.8% from August to September.
  • Actual (not seasonally adjusted) activity came in 18.2% above levels in September 2012.
  • The number of newly listed homes declined by 1.4% from August to September.
  • The Canadian housing market has tightened but continues to remain balanced.
  • The national average sale price rose 8.8% on a year-over-year basis in September.
  • The MLS® Home Price Index (HPI) rose 3.1% year-over-year in September.

Read the entire report on Canadian MLS sales for September, 2013. Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area.


Get it here, now. I’m always happy to answer your Saskatoon real estate questions. 


All of my contact info is here. Please feel free to call or email.


Norm Fisher

Royal LePage Saskatoon Real Estate

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Saskatoon real estate week in review for October 13-19, 2013

Saskatoon real estate sales saw their first real significant drop in months this week as the total number of homes (single-family dwellings and condominiums) reported sold to the local MLS® fell to 54 from 82 last week. That’s the lowest number of units traded during any week since early February, but not totally out of sync with what we might expect at this time of year. In fact, it’s one ahead of the number of Saskatoon homes sold during the same week last year.


New residential listingsthat were added to the Saskatoon multiple listing service® database also fell sharply lower, dropping to just 112 properties from 185 the week before to record their slowest week since the last week of March. During the same week of 2012 local real estate agents brought 116 home listings to the system.


Once again, the week closes with the total number of residential listings offered for sale on the Saskatoon MLS® increasing, albeit ever so slightly. Active listings increased by one from last week to 1402. As you’ll know if you’ve been reading for the past few weeks, that’s the highest number of active listings for this particular week in over five years, and a significant diversion from normal inventory patterns at this time of year when declines are typically well underway. Last year at this time, buyers could find only 1192 residential listings on the MLS®. Today’s totals include 884 single-family homes, way up from 725 a year ago, and 422 condominiums, just a handful more than we had at this time last year when the category sat at 411. The balance of the inventory falls into other categories like semi-detached, duplexes, lots, trailers, etc.


Both the median and the average sale price of a Saskatoon home took large gains this week rising to $369,450 and $374,320 respectively. The long term measures we track both spiked higher. The six-week median price jumped sixty-five hundred dollars to $353,548 for an annual increase of more than twenty-seven thousand dollars. Meanwhile, the four-week median price moved higher by 15K to reach $345,000 and claim a year-over-year increase of twenty-five thousand dollars.


Overbid sales nearly fell off the map as just one Saskatoon home seller found a buyer willing to pay more than their list price. That buyer made a pretty strong overbid of five thousand dollars to sew up the home of their dreams. On the other hand, 47 buyers met a seller willing to negotiate and they bagged a discount averaging $10,213. Another six homes traded at the seller’s asking price.


Other notable MLS® activity this week included 41 cancelled and withdrawn listings,  17 expired listings and 50 price adjustments.


Highlights from the news this week.

Housing market pushes ahead but is a retreat lurking? - Globe and Mail
Canada’s housing market begins to apply the brakes - Financial Post
Canadian housing market expected to stay on a hot streak - Globe and Mail
Existing home sales surge 18 percent from a year ago: CREA - Financial Post
September home sales soar - Globe and Mail
In a hot housing market should you keep renting or buy? - Globe and Mail
Carrick on money: Are homes an investment? No way! - Globe and Mail
Banks agree: Market will slow in 2014- CanadianRealEstateMagazine.com


Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.


I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.


Norm Fisher

Royal LePage Saskatoon Real Estate

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Saskatoon real estate week in review for October 6-12, 2013

Coming off of the strongest sales week in a month market activity slipped lower as Saskatoon real estate agents reported 82 sales of single-family homes and condominiums to the multiple listing service®. That number is down just five from last week but ahead of sales recorded during the same week last year by four.


Last week, local agents brought the largest number of new residential listingsto the MLS® system since the week of June 15. This week, new listings slid lower from 198 to 185 to finish well ahead of listing numbers from the same week a year ago by a whopping 70 Saskatoon homes.


The total number of Saskatoon homes listed for sale on the multiple listing service® rose again and broke the 1400 mark for the first time in more than two years. At the close of the week, home buyers had 1401 homes to choose from, up 12 from last week and well ahead of the 1199 homes that could be found at this time last year. The largest gains continue to be recorded in the single-family home category which closed the week with 888 properties available top buyers, growing from 729 a year ago. Today there are 414 condos offered for sale, down just slightly from numbers recorded at this time last year by just four.


On the heels of a week that saw average prices reach their highest levels since late July, the average price of a Saskatoon home slipped lower to $347,875 while the median stayed fairly stable at $340,000. The six-week average moved lower by about 800 dollars this week to finish about fifteen thousand dollars higher than it was a year ago. The four-week median price didn’t budge. It held steady from the previous week at $330,000 and also finished up on the numbers from last year by fifteen thousand dollars.


This week, 66 of 82 sales closed below the seller’s asking price. THose buyers netted a discount averaging $11,121. Another 14 buyers agreed to pay the seller’s full asking price while two stepped up and offered an above list price paying an average of $1150 ,more than their seller had asked.


Other notable MLS® activity this week included 77 cancelled and withdrawn listings,  15 expired listings and 73\ price adjustments. 


Highlights from the news this week


Riversdale home prices crack $200K mark - Star Phoenix
City house prices continue upward climb - Star Phoenix
New home prices edge up 0.1% in August - Globe and Mail
Housing starts beat forecast and continue to surprise - Globe and Mail


Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.


I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.


Norm Fisher
Royal LePage Saskatoon Real Estate

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The Royal LePage House Price Survey released today showed continued year-over-year growth in prices across housing types surveyed in Saskatoon in the third quarter.


Standard two-storey homes witnessed the largest increase, rising by 7.0 per cent to $399,750. Detached bungalow prices also made solid gains, jumping by 5.2 per cent to $366,250. Standard condominiums remained relatively flat, edging up by 1.1 per cent to $255,000.


“A healthy mix of first-time and move-up buyers has created strong demand for both detached bungalows and standard-two storeys,” said Norm Fisher, broker, Royal LePage Saskatoon Real Estate. “Houses that are priced properly and well-presented are selling quickly.”


“Rising prices in the detached home market have also had a spill-over effect on the condominium market,” added Fisher. “The standard condominium category has become an attractive entry point for first-time buyers.”


Nationally, the average price of a home in Canada increased between 1.2 per cent and 4.1 per cent in the third quarter of 2013.


The survey showed a year-over-year average price increase of 3.7 per cent to $418,686 for standard two-storey homes, while detached bungalows rose 4.1 per cent to $381,811. During the same period, the average price for standard condominiums saw a more moderate increase, rising 1.2 per cent to $246,530. Sales volumes surged in a number of regions, as Canadians re-entered the housing market after sitting on the sidelines for more than a year – marking the end of the most significant housing market correction since the 2008-2009 global recession.


“Canada experienced a significant housing market correction over the last four quarters that most in the nation missed entirely," said Phil Soper, president and chief executive of Royal LePage.  "Many regions experienced dramatic slowdowns in the number of homes trading hands, but news of double-digit unit sales declines went largely unnoticed, over-shadowed by a macabre fascination with the prospect of a U.S.-style home price collapse, which of course never transpired. Our over-heated real estate market of 2011 and early 2012 drove some to the sidelines. Home price appreciation ground to a halt for a year – a necessary breather and predictable market response."


“Our housing market turned a corner in the third quarter. Buyers returned to the streets in droves, resulting in a sharp increase in home sales.  In many cities, there simply weren't enough properties on the market to satisfy demand, which put upward pressure on prices for the first time in 2013," continued Soper. “We expect this positive momentum to continue through the all-important spring market of 2014, buoyed by a combination of pent-up demand, increasing consumer confidence and continued low interest rates.”


I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call or email me.


Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here, now.


Norm Fisher
Royal LePage Saskatoon Real Estate

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It was a fairly brisk week for Saskatoon real estate agents who reported a total of 87 house and condo sales to the multiple listing service® for a weekly gain of 11 to finish ahead of sales for the same week last year by 20 properties.


If they weren’t busy processing sales, chances were good that your agent may have been busy taking one of 198 new residential listings that hit the market this week. The final few days of the month often see a good number of homes expire without a sale. Many of those came back for another crack at the market. New listings increased by 36 on a weekly basis to finish higher than the same week last year by 58 homes.


The total number of residential listing available on Saskatoon’s MLS® system today settled at 1389 after the week’s business wrapped up, pretty much even with last week and up by just over 200 units from the close of the same week in 2012. The active MLS® listings chart tells a story that’s a bit out of the ordinary with the number of homes for sale in Saskatoon continuing to grow at a time of year when they can almost always be counted on to fall, causing some to suggest that a buyer’s market may be just around the corner. This morning’s tallies show a total of 864 single-family homes available to buyers, up from 741 at this time last year, and 414 condominiums for sale, up from just 382 a year ago.


Still, prices moved higher for three of the four measures we track. While the median price of a Saskatoon home slipped lower by about twelve thousand dollars to $325,900 the average sale price pushed higher by almost as much to finish the week at $361,646. Meanwhile, the six-week average sale price advanced nearly three thousand dollars from last week to reach $344,740 and finished up on the same week last year by roughly nine thousand dollars. The four-week median price pushed higher by 3K to claim a year-over-year increase of twenty-one thousand dollars.


Overbid sales increased two-fold to a whopping four homes. Those four lucky sellers picked up a bonus of $4,175 more than they had asked. An additional 13 sellers received a full price offer on their property. Finally, 70 of this week’s 87 sales were reported to have closed below the seller’s asking price by an average of $11,175.


Other notable MLS® activity this week included 62 cancelled and withdrawn listings,  65 expired listings and 66 price adjustments.


I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.


Norm Fisher

Royal LePage Saskatoon Real Estate

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